$XRP surged 46% in a week that saw Bitcoin gain roughly 21%, reigniting debate over whether the token is entering a genuinely different phase of its market cycle, one driven less by retail speculation and more by sophisticated capital seeking real-world utility.

A Different Kind of Crypto Cycle

Mickle, discussing the trend, said crypto has moved through distinct phases. The earliest cycle drew speculative interest without a clear use case. A second phase centered on DeFi projects that, in hindsight, proved less durable than expected, with Ethereum’s total value still sitting below its 2021 peak.

Mickle said the current phase is being shaped by a new type of participant: large, licensed allocators managing significant capital who are…